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is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
is trying to shoot down this tax on a medical device maker. >> the medical device packs is something that is a pretty bipartisan bill. you will not see a lot of bipartisanship there. dagen: brad, final word. do we really know what this will cost us as a nation and individuals? >> we look no further to the entitlements that the government had to perform before obamacare. medicare, renegade is going bust on its own. we created a whole new entitlement program where we could not even administer properly and provide the coverage to those already admitted. it is on a pathway to unsustainability unless something is done to change those programs. i have no confidence that obamacare will have any more success than the two programs i mentioned. dagen: thank you both. the well. connell: senators getting set for a marathon with back-to-back voting. they will be voting on amendments that protect the budgets. dagen: rich edson is live in washington, d.c. with more. rich: most of them are designed to get the other party to take difficult votes. the republican amendment drew more than 30 democrats i
's implementation, the bulk of the taxes are in effect. the benefits and mandates kick in next year. tracy? tracy: clearly, already seeing effects. cvsments you on the scale and tell them how fat you are. you talked about the debt ceiling, what did he say about that? >> i did. one of the next fights comeing up here, we could expect to hit the ceiling this summer in august. he says we're not going to agree to raise the debt ceiling without doing something about entitlements. mcconnell says this brings the president to the table so republicans want an equal number of cuts or more cuts than whatever amount they agreed to raise the debt ceiling by. mcconnell says it's got to come from entitlements because you can't do enough of what we've seen so far, discretionary spending. tracy: they want us off the beach in the summer. we'll have another debt ceiling fight, be here in august sweating it out again. >> yeah, can't wait. tracy: i know, me too. rich, take the vacation now, thanks. >> yeah. tracy: ha-ha, okay, you may want to sit for the next story. members of congress workedded together and passed a
in the mine. the amazing thing is that although the central banks have been taxing myself deposits, giving negative interest rates and by a depreciating currency, like 26% depreciation in last 10 years, the ecb would come out so openly. that is the shocking thing. and of course, people should be very worried about what happened in argentina. they froze deposits and withdrawals so that this could spread. as we look at the united states and europe and the way that the politicians are running the show, it'd heading for disaster. as simpson-bowles said, it is a cancer. there is a time when bank deposits will be threatened if we continue even if the united states and europe -- people go to banks today thinking that it will be okay to. neil: that is a good point. not that it would be imminent or a near-term threat. but the fear is, here is a vulnerable little country where this is looking like a real fear. what about greece? what about portugal? >> i mean, this is western country. the last i heard is that europe is part of the west. >> what is your fear? >> my fear is that if things go awry in
on public servants, wasted money spent in the financial crisis and the only thing is higher taxes. >> there is an oversight of spending tax dollars, we have known that for a while. with the story with school superintendent, national average 162,000 to be a school superintendent but some of these guys are running half a dozen schools, less than a million students, some of them are making 200,000 or more. it is amazing there is no transparency, little oversight for the public servants will scream about the private sector. look to your own backyard. charles: the same ideology that argues about corporate salaries uses that as an excuse to bump up their own salaries. digging a were using to bump up your salaries? connell: thank you, charles, appreciate it. dagen: i am taken mcdonnell. connell: i am connell mcshane. thank you for joining us and this is what is keeping washington up at night. preventing a budget deal from happening. dagen: a big day for bernanke and company. is it time for the central bank to pull back on the bond buying? connell: and the taiwan factory making the recall
to pick up. do not get too excited when all the obamacare taxes kick in next year. i would go into any of the markets like miami. the whole purchase to rent phenomenon, all the investors are jumping in and buying rental properties. the holster is wearing off on that. it did not turn out as good as they thought. look at those cities. vegas, phoenix, anything -- really, the fed induces this massive wild swing in bubbles. they are not sustainable. just watch out. dagen: anthony, it was great to see you. thanks a lot. connell: great to see you, as always. how about starbucks. this is a headline today. helps to explore different farming techniques. a disease called coffee rust. it has been hidden industry pretty hard. dagen: you can see through the pants. lulu lemon pulled some of its yoga pants off store shelves. the company claims the mistake impacts 17%. it was made by a supplier. lulu lemon offering full refunds to customers. they are trying to figure out what exactly happened. it is hard to make up a story this good. shares are down more than 5% today. connell: it is like christmas for
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
from cyprus and concern about deposits being taxed obviously set off worries on wall street abroad and here at home obviously. sandra: opposite end of the spectrum, jcpenney, the retailers, jcpenney a huge rally today, nicole? >> a couple of reasons. isi group talking about the fact that they might turn into a reit-like entity. oppenheimer talking postively about jcpenney. david: apple, apple, even though the market came down i think apple stayed up about 12 bucks. why are they doing so well on the eve the samsung announcement? >> that is pretty amazing. once the news was out about samsung it took away some uncertainty. apple bucked the trend. sandra: best buy seeing a nice top. that was an up stock on a down day. >> best buy, the last quarter was a great one. they got positive analyst comments as well. jpmorgan initiated coverage with overweight rating. [closing bell rings] david: the bells are ringing. we're not at absolutely postively lowest point of the markets but very close to it as we see a down market. dow jones industrials down 61 points on the beginning of this trading we
on the failed idea that giving another round of tax cuts will somehow triple down and lift up all the other boats. we know that has not worked. peter: the senate starts its votes on its budget tomorrow. i will start here before i talk about easter bunnies and march madness. connell: we do not want that, peter. we never want you to get into trouble. dagen: that does not get you into trouble with us. we go as far as talking about audio parts. right now we want to talk about funding the government. 68% of americans say it is a problem. connell: monica crowley is here with us today, as is leo kelly. interesting because of what we have seen in the stock market. today, with the market pulling back with all-time highs, it is not really about the stuff peter is reporting about. >> cyprus, his little country that no one really was paying attention to a couple weeks ago certainly has no whole world turned upside down. what the market has really come to expect from washington is delayed until the last minute, but come up with a resolution. the threat goes away each time they do this. dagen: speaking o
about cyprus and what they'r they are doing, thet off this decision to tax or confiscate the bank accounts, but what happens now? how will they please those at the imf and the european union? big questions remain and that is why you see the red arrows. but just squeezing out a gain for now. lauren: investors also applied to the safety of u.s. treasuries today rallied for a third day pushing the yield on the 10-year note to a two-week low. david: without the fed announced what they are going to announce on wednesday. oil closing below $93 per barrel, this is the first fall for crude in four sessions, dropping 1.7% settling at $92.16 per barrel. lauren: and you have to look at the retailer's underperforming the market today especially the key names. american eagle, abercrombie and fitch, all falling greater than 3%. david: the stocks are much the same. rejecting the confiscation of bank accounts but there are things going on here in america that are not as friendly. the chief research officer joining us with a disturbing new report, one that shows the united states is falling behind
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
've never paid taxes in my life, no one wants to hear that kind of talk. warner: the irs just heard you and you will be hearing from them, man. . >> idiot. warner: very good, nick. connell: good one, nick. imus: never paid taxes in my life. okay. well, what else, warner, anything? >> well, my time is up, thank you. imus: your time is up. wilson pickett would have been 72 years old today. of course, he's not. he did record this before he left us. ♪ mustang sally ♪ ♪ guess you better slow your mustang down ♪ ♪ what i said now ♪ ♪ mustang sally now baby ♪ ♪ oh, lord, guess you better slow your mustang down ♪ ♪ oh yeah, you been running all over town now ♪ ♪ oh, guess i have to put your feet on the ground ♪ ♪ what i said now ♪ ♪ imus in the morning ♪ >> legalized theft in a country you barely heard of and your money takes a hit. good morning, everyone, cyprus is the country. the seizure of private bank deposits is the issue. europe says, if you want more bailout, you cyprus people, then everyone with money in cyprus must pay a tax on all bank deposits ha
melissa: welcome. i'm melissa francis. lori: i'm lori i i rothman. voting to delay a tax on the bailout, and now there's reports the finance minister is stepping down. we have reaction with the trading president, the former cypress trade representative to the u.s.. he'll be joining us. >> treasury secretary jack lew meeting with the chinese president on the agenda of growing concerns about china ease role in cyber attacks. melissa: targeting seg represents in new york a week after a judge rejected the ban on large drinks. we get the verdict with the judge andrew going after soda, ear buds, cigarettes, what's next? seriously. lori: only can guess. it is back down to the floor, new hour here on "markets now," and i know cypress is driving action again today. >> it is. we are seeing headlines that the president will be talking with angela merkel, obviously, another development pertaining to what we see in cypress, which then, obviously, really rules the e.u. markets and our markets here at home. yesterday, for example, we lost a lot of money in the global market with all the
, the senate votes to repeal an obamacare tax. there's a headline for you. good morning, everyone. it's the medical device tax and the vote to strike it down 79-20, overwhelming abipartisan, the it helps to fund obamacare, upwards of 40 million people will face huge health insurance cost increases next year. could it be that obamacare is unravelling? don't forget cyprus, civil society is unravelling there. they're running short of gas and basic supplies and they've got 72 hours to come up with big money or else. don't worry, stocks will be up again just a few minutes from now. "varney & company" about to begin. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. all on thinkorswim. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. sta
. the european nation wants to tax all bank deposits up to 10% in order to secure a $13 billion bailout for the government. this move is unprecedented, it would basically allow the government to skim the bank accounts of every single person who makes a deposit into a cyprus bank account. if that is not enough, the country has closed all banks until thursday so if the decision is made there will not be anything anybody can do if they have money in the bank. now the world is bracing and waiting. what you should do with your money and with the impact could be. so excited to have you on tonight. university of chicago professor. what a team. let me start with you because i want you to set the scene for us because some people hear this and i think of cyprus is a tiny island, who cares. this could set off a chain reaction around the world, tell me why. >> if you have your bank deposits in another country that is shaky, italy, spain, portugal, and greece, you will say in my the next in line? so what we will be looking for over the next week or at any time or attention turns to a potential crisi
think we need to regulate, tax and legalize marijuana so the -- that's a huge reason, that's a -- i hi we immediate to -- legalize it, tax it, regulate it. >> this idea about useful but overused. i want to explore that idea. because i think that's been the -- that's sort of the line for a lot of people, christine quinn, said that before. previous communications. called it a useful tactic. should we just ban the tactic? should people not get stopped and frisked? >> i disagree. it is -- policing tactic that's been wildly overused. obviously in many cases using it in unconstitutional manner. look, now you need the reform, the approach, and we need a new police commissioner. this is the difference i have certainly with christine quinn who wants to keep ray kelly, ray kelly has been the architect of the overuse and stop and frisk. we need inspector general. when we have had in new york city, think about magnitude here. hundreds of thousands of more stops a year. there was never a vote on that. never a public debate. >> comes back to, again, the need for a new mayor. and a mayor who understa
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
not confiscate it as cyprus tried to do however there are plenty of ways to get at it. taxes, you're forced to invest in government securities and under the guise of the financial systems, yes, it's a valid concern and the bank defenders will not acknowledge it u and we've got the dow up 39, 40 points at the moment, a shrug from the stock market at the moment. >> yes, it is. stuart: you think this has no impact on the stock market, more on gold and banking stocks, you think? >> i think so, again, what it does, it calls into question the integrity of the financial community and that's what central bankers and legislators fear most. it's not the markets themselves, it's fear of the market and fear of stability because that is what drives confidence and one thing that bernanke can't afford to lose right now. stuart: here is what i think might happen. a no vote, the russians step in, europe says we can't have russia, and they step in. >> i think a power play and progression of events, but i would not count out the chinese in this one. stuart: keith fitz-gerald. thanks. the latest proposal from
in response to cypress' plan for a deposit tax. now it seems like we're shrugging off those headlines. now, shares of hewlett-packard and verizon are helping the dow recover some grounds after upgrades from morgan stanley. verizon actually hitting more than an 11.5-year high today. there's the stock, up 87 cents, 48.89, as you can see on your screen. we're not getting any help from financials today. it's the worst performing sector following suit with some of these european banking counterparts. check out some of these euro financial names that are actually trading here in this country. they're getting knocked down. royal bank of scotland, create suisse, deutsche bank, ubs, war clays, all -- barclays, all of these stocks substantially lower in this country. s&p 500, we are still within striking distance of the record high despite moving lower today, the s&p down more than almost five points as you can see on your screen. is it going to happen this week? are we going to get that big number? we're looking for 1565.15. so close. as always. let's get right to our floor show. we've got traders
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
cypress? >> anything is possible. you know, i think the outrage over this deposit tax is about the honesty of the approach. if you think about it, citizens around the world suffer from that tax. in the united states, how long have we had 0 #% interest rates in the united states? how much money have savers lost who keep money inthe bank because they have not received interest on deposits all these years? what about prices? because the federal reserve does quantitative easing, food prices go up, gas prices up, and deposits lose value. at least with the tax in cypress, it was more honest. the government up front saying we're going to take your money. we're doing it secretly, and i think the honest approach is better. shibani: they make parallels in cypress, and what you mentioned happens here in the u.s., but the levy on bank deposits, this is what is causing a storm, and it's really getting people upset. are you concerned about any kind of precedence this could bring into the industry into europe and what it could do to banking confidence as a whole because when you start to have runs on ban
employees faced off on riot police on the controversial to tax bank accounts. >>> here at home. congress is forcing the postal service to continue saturday day delivery. they announced that it would switch in august to five-day service for first class mail in order to save two billion dollars. they lost $16 billion last year. today the house approved what the senate already passed a spending bill that continues the requirement for 6-day mail delivery. it now goes to the president for his signature. >>> walmart stores in san jose will soon be offering a smarter way to shop. they expanding a pilot program called scan and go. it let's customers scan items by using an app on the their smart phone. shoppers can see the running total of their items and use a self-checkout screen when leaving. the program is expanding to about 70 wall marts marts to more than 200 across the country. no doubt it will continue to expand. >> first lady has been crowd fashion royalty by britain's sunday times style magazine. this is their cover. check it out showing her wearing a crown on a british first class post
going to go back to the original plan of taxing deposits. i am toll that's not going to be submitted to the troika. that may be the pipe dream of some in parliament. ladies and gentlemen, back to you. >> thanks, michelle. i was looking at the european bourses and i mean, if they can't sell off on this, and it's on -- you know, it's 0.2% of their economy and, you know, we're worried about whether there's any ripple all the way over to us. >> it may want be an instant market reaction, though. it may be something that's more of a concern about whether there would be other countries that step out of the eu. >> don't you think the markets could anticipate whether there would be further trouble or not? >> i don't know. i think this is -- >> we would be seeing it if it was really -- if they he can't sell off in europe, we shouldn't be looking at it at all for our markets here. >> no. michelle, what's that? >> i know you're over there, but you don't care. >> the one ripple effect i can think of is -- the one ripple effect i can think of is that if when they wind down this bank, there's some
banks. well, the people protested and lawmakers unanimously voted no, no taxes on private accounts. so now what? welcome to the rescue. the country has 20 billion in cypriot banks and wants to top the natural gas reserves. the finance energy advisors immediately hopped on a plane to russia. move over, harrison ford, vladimir putin might be the hero of this story. "varney & company" is about to begin. and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef bere opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find se good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. >> it's wednesday, march 20th, the first day of spring. well, the season may change, but the same winds are blowing in washington. the white house continues to insist on maximum pain from sequester cuts. we're seeing more cuts used for political reasons instead of cutting back on things we don't need
taxes on the wealthy, put through a payroll tax increase, entitlements. we've got two out of three going. we had the president and congress raising taxes on the wealthy. i don't think bernanke wants to be the fed of 1937 because the recession came back aggressively and it was only world war ii that made the hiring come back. he doesn't want to be the guy -- he'd rather be second-guessed by all the bears who come on and say he's got to tighten because my short positions aren't making any money. he's not responding to the people who are short. he's actually responding to the american people. old-fashioned kind of guy. >> in terms of the reaction in the markets after the ben bernanke news conference, was that surprising at all that, for whatever reason, for whatever he said, the markets managed to rise and actually reached the highs of the day afterwards? >> i think there were a lot of people who expected that he would put in some language that just says, we're not going to keep rates low indefinitely because we see real estate, affordability is fantastic. you pick up the front page of the
-partisan and bipartisan. someone who is non-partisan says higher taxes no taxes, no big deal. amnesty, deportation, whatever. but i think it's not about people abandoning their principles but finding common ground with people, even if they can't agree on everything, finding some things on which to agree. >> i was just a house member. >> president clickman. >> if anybody else would like a promotionless us know. we have another half an hour. >> members of congress as congressman talks about get elected to represent a district. we could have a long conversation about redistricting and about how in most states in this country if you are elected in a seat that is overwhelmingly a democrat or republican you are never going to lose that seat unless you compromise with somebody on the other side. but two people get elected by everybody in the united states. it seems to be i know this is something you've thought about given your time in the president. a president of the united states has a unique role to reach out to both sides in congress. without getting into a current events debate, i think we can agree
,000 in the bank entirely to those under 100,000 and to keep the tax at 9.9% for those above 100,000 euros in their accounts. if it doesn't sound much different from the original plan, it's not. it basically exempts those with less than 20,000. on the back of that, we did see markets weak. elsewhere, there has been a weakening, but realively contained one. the ftse mib in italy is down 0.3%. the xetra dax is down by 0.5%. france is weaker. the ftse, as well, down about 0.25%. not too far off the levels we've seen this morning. german economic sentiment did come in roughly in line with expectations, so that helps to keep the bid in the euro, as well. here is the different between spain and italy. italy's ten-year selling off a bit. yield up to 4.66%. spain rallying. it did go to market with three nine-month yields this morning. still below 5%. i mentioned what was happening with the euro. let's take a look now as it continues to go through the different pieces of economic data we're getting this morning. it's still down about 0.11%. yesterday, it was actually stronger. so markets generally
their cards at the westin unit locations and also allow them -- i give you an example. jesus to give the tax refunds -- choose us to give that tax returns and let the cardholder's then can use cash. >> reporter: one of the things you take advantage of is that trust factor. people still distressed credit card and mobile technology, and you're able to leverage that. >> a system which the people can go online shopping endo use their cards and go to western union location, pay cash to get their goods. >> reporter: you just came in from the sea and air headed to munich and then going to is ten boat. in every place around the globe. overall picture? >> our perception of overall, it's getting better, would not say that that is a big turnaround. it is still challenging. this service industry is getting better. the construction industry is getting a little bit better. the u.s. is a very good position. europe is still of the challenging position, democratic issues. it's challenging in europe and russia and japan, but i would say that is better -- i'm cautiously optimistic. >> reporter: we like that. e
tax on the large depositors which would lead to a tax of around 15% or 16%. or they can basically restructure their two bad banks. it would be very simple to do that. what would happen is the banks would write off all their equity, write-off their senior debt, write-off their dpovt subordinated debt. and then the large depositors would president owners of the new bank and convert. >> narrator: between 50% and 30% of their new depositors in the banks. >> could they say we don't want to do anything of those? >> certainly they can choose to do that. i don't think that's necessary. basically, if they do nothing, and the ecb carries through with its policy of cutting off liquidity on monday, they will have no choice but to restructure the two banks. >> are you surprised to see lines forming? >> no. depositors are frightened for their money. they've been told there's a high likelihood of the banks closing and staying closed for a period of time. in fact, the lines are not as long as i would have expected them. >> wow. interesting 30i7b9. i had a discussion with simon hobbs, my colleague
. no presidential leadership yet for a grand bargain. no sense that we can reform the tax system and entitlements. perform defense and have a rational rational and reasonable defense. >> why in the world is the president of the united states not moving forward with a budget that would be a blueprint to resolving those proposals? >> the words that seem to be operative here are cowardice or opportunism. it has to be one of the two. >> to do the wrong thing continually is not the act of a coward. lou: are you saying that the president is incapable of doing the right thing? >> i'm comparing how talented this manis. >> why doesn't he apply that? >> you know, that turns out to be laughable. the odds are empirically before him. you know, that is just unreasonable. >> there is another word we are leaving out, which is ideology. the republicans are rightly not going to agree with at. >> i think that when the senate passes a bll, you hammer things out. the one you want regular order. >> that is right. lou: all right, my goodness. i do want ou to chat with me about the balanced budget. he does it in five ye
of illicit money. stuart: russian mob money. >> and russian tax money. stuart: i was going to ask, this mob they have taken, somehow siphoned money off the russians. when i think of mob i think of prostitution and illegal gambling. in russia, it's siphoning off money. >> yes, you have magnates that don't want irs scrutiny, swiss scrutiny, cyprus is the place to go. it's not just traditional mobsters, there's a nexis in moscow between putin's russia between the officials and corrupt individuals. stuart: go on and say it, is putin pals with the mob? >> you would think he wouldn't mind. if people who are skirting russian taxes, hiding money in cyprus were getting a 10% haircut, you'd think he wouldn't mind, but he's upset and the cypriot foreign minister is grovelling. >> and here you say they're saying they're going to grab some of the mob money, the germans told them to do that. >> that's right, angela merkel saying, eat your vegetables, beyond keynesian, a money grab. and ecb and imf as well all of these bad actors. >> you've got cyprus playing off the russian mob and angela merkel of germa
to collect sales tax from all out of state internet retailers will take place in the senate today. inevitably, it has a lot of support from the big box retailers in particular. let's bring in john harwood who is live from d.c. though this may just be a symbolic vote, weir to are told john. >> symbolic, but not meaningl s meaningless. it's a spring training of sorts to test opinion within congress on various causes. we saw a vote yesterday on the budget resolution, on the repeal of a medical device tax that was included to help finance the national health care law in the early part of the obama administration. the reason it's spring training is that budget resolutions themselves are not lost. so these are not binding votes, but they're a way to test sent ims for what they make later on and that's what we're seeing on the online sales tax situation. 48 states already have laws on the books requiring online retailers to collect state sales tax, but those laws are often ignored and you have a bill that has some bipartisan support that would require all states to collect those taxes. if split, th
. >>> all right we start tonight in cyprus. the parliament rejected the tax on bank deposits, potentially killing the bailout but russia is floating another option, gazprom, which is russia's state-owned oil company, is reportedly offering exploration rights to the island's rich natural gas fields. here to break it down the former im fsec tiff board member and current visiting fellow at the peterson institute for international economics. doug, welcome to the show. >> thanks. melissa: is there a danger to letting russia really get its hooks in cyprus like that? should we be worried about that? >> absolutely. i mean russia already has its hooks, as you put it, in cyprus because the cypriot economy is largely based, if not almost exclusively based on its status as an offshore banking haven and that has been largely at the behest of russian money. now that's an overstatement to some degree but the russians play inordinant influenced role in the cypriot economy. the question i think you're asking is, do we let them take it one step further and whether it is through gazprom or other means of ru
and bipartisan. someone says lower taxes, no big deal. amnesty, whatever. i think that is a critically important one. it is not about people abanding their principles but finding a way to work together on a common ground. >> i was just a house member. it is fine if you want to put me there. >> if anybody would like a promotion let us know we have nother half an hour. congressman, members of congress get elected to represent a district. should anyone want to about redistricting and about show many states that if you're elected that are overwhelming republican or democrat that you're never going to lose that seat. unless you compromise on the other side of the aisle but remarkably get elected by the entire country. so the president of the united states republican or democrat, it seems to be and i know you have thought a lot about give your time in the tab cabinet. the president of the united states has a unique role to reach out to both sides. without getting into a current evens debate, i think we can agree the president in which this library was named, president reagan, and the last stop of this
about cyprus and the atm bank lines and the tax scheme where they essentially bang the depositors for money. they violated the sacrosanct compact, i told him, that was meant to protect those deposits. stewart's all about common sense. he didn't think all of that much about the cyprus story. more importantly, he was hoping we wouldn't make too of it on this show because it would blow over since cyprus was a special case that couldn't easily be extrapolated and maybe even rally a little. then i went home after having some breakfast and i set out to study the charts and more on this later and settled in for serious ncaa bracketology while watching the canes play the tar heels. i tried to stay focused on march madness but i began to get bombarded by emails from bears worldwide -- [ shots fired ] brown bears, kodiaks, even koalas, telling me, this is it, jim, this is the big kahuna that i was being way too glib about the confiscation scheme that would rock my world. i knew not to dismiss the darn cyprus situation. i actually bothered to argue back, silly me. first i offered the standar
. nationwide property taxes rose in the housing collapse and beyond, but one item never fell, that's paying for school superintendents funded by your taxes. a fox investigation finds school superintendents are not just among the highest paid government workers in the country, but they increasingly get six figure pay and half million range, and it's ten times what teachers get. we found in a dozen states, school school superintendents paid more than what governors are paid to run the state including new york, new jersey, california, ohio, illinois, and washington state. we also found that four out of ten new york school superintendents get 200,000 annually, more than the pay for the governor quo moe and more than the average of 162,000. two school superintendents in new york made half a million bucks overseeing seven schools each. the governor joked about that. you know, i'd apply for that job, and now, gerri, there's little oversight of school superintendents' pay, and they are calling themselves ceos. in fact, schools now routinely use corporate pay models for school superintendents' pay g
is it that allowed or condoned or suggested the idea that the lower threshold of 100,000 euros should be taxed? >> listen to the statement out of the european commission. one of the myriad of bureaucrats in brussels. the commission made it clear in the euro group meeting before and they capitalized before, the vote in the cypriot government that an alternative solution would be acceptable and preferably one without a levy on deposits below 100,000. the cypriots did not accept such an alternative scenario and they squarely placed the blame on the guys in the parliament building behind me. so we'll see what happens. the breaking point is at some point we're not going to keep stuffing the atms with money. and they'll have to figure it out and close down some banks, et cetera. >> i respect the detail that you've been through, but this market clearly believes that the deal will get done and the banks will get propped up with international aid. we're up 72 points on the dow. nobody in the market appears to be worried about it and we haven't seen a big move on bonds today. how do you reconcile that w
up, when they originally, why don't you tax depositors. this reduces that. secondly, it also protects everybody under 100,000 euros. everybody in both banks stays protected underneath the insurance threshold. now, who's going to end up getting taxed, levied, taking a haircut, anybody who's got over 100,000 euros in the account. they're going to probably suffer on-paper losses of 30 to 40%, maybe 50%. for that, they'll be given stakes in a new bank, in the new bank that will hopefully over time give them money or the wind-down of the assets of the old bank, the bad bank will pay them off over time. that's the situation. the employees are angry because they're worried they're going to lose their jobs. it's quite possible, because once you have two banks come together, what do you do? you get rid of branches, you have synergies in employment as the institution merges the together. the employees here are very, very angry about what they've heard. >> it's not the family. it's germany and other countries. they are not our friends. >> you want to leave the euro? >> yeah, of course. >> we are
a trillion in new tax revenue over a decade. so, it's dead on arrival in the house, but both chambers, as you guys know have to go through this process before they can then see if they can hammer out some kind of a compromise. >> peter, how realistic, whether it is the ryan budget, how realistic is it to talk about repealing obamacare? is there enough momentum at some point they could see a total repeal or will they have to tweak it? >> you never say never, but if you have democrats in control in the senate, they won't approve it and they have the majority votes. and even if they did the president would veto it. and there are not enough votes in either chamber to override a presidential veto. maybe tweaks. adam: peter barnes, washington see, thank you. >> thank you. sandra: the mobile payment sector gaining traction into a multibillion-dollar industry. we'll tell you how you can make mon on -- money on the global cashless trade. adam: jeff payden of payden & regal weighs in after the bell. thank you orville and wilbur... ...amelia... neil and buzz: for teaching us that you can't create the fu
. right now they are saying that a tax or levy would be about 100 30,000 dollars or more. protesters outside the parliament, they are angry about possibly losing her job, about not having any money. about wondering where their country is going. which is also what you also know of the european union and global in global markets. watching very closely this tiny island nation. as you noted, monday is the deadline. come up with a plan where eu says otherwise. connell: a live report from cyprus. we are going to continue our coverage and ramp it up on the fox business network. an important deadline in place. charlie gasparino is with us now. in general, smart money apparently is not filing for bankruptcy. >> there is a cyprus connection. about $20 billion is going to be hitting this. at the lehman brothers is going to be paying off its creditors. there is a lot of money going to traders that specialize in where they are putting the money. doing a lot of reporting on this, one municipal bond. west virginia tobacco bonds, these are bonds that are payment on maturity. now, again you can buy t
a bailout and a bank tax in cyprus kept investors on edge. here's a look closing numbers. the dow fell 62. . >> the nasdaq dropped 11. . >> of the s&p fell eight. . >> city group has agreed to pay seven of the $30 million to settle a class-action su$730 million to settle a class-action lawsuit that claimed investors were misled by the banks' disclosures when they purchased its debt and preferred stock. the investors purchases were made from may 11, 2006 through november 2008. to group inc. denied the allegations but agreed to the settlements or to get rid of future expenses and uncertainties that came along with the drawn out litigation. >> coca-cola is taking of water and doing what coke is famous for giving it some bubbles and flavor. the company confirmed monday that it would introduce a lot of fruit flavored seltzer water is called for water started a first. for water comes at a time when americans are drinking less soda, after per capita sales hit a high in the late 1990's. the decline has been attributed to growing concerns about obesity, as well as the proliferation of options in t
. >>> the democrats are calling for almost $1 trillion in tax increases over the next decade. they also want to save social programs that republicans want to eliminate. standing in the way are many many amendments. >> we had about 400 amendments filed. we're not going to do 400 amendments. >>> the senate rejected a proposal by paul ryan. president obama is scheduled to offer his own program in a few weeks. >>> the aviation administration -- there's been no decision yet on the airports near santa rosa, napa, concord, livermore and san carlos. reporter mike lurey reports on a pilot in sacramento who worries about safety. >> i'm hoping that there's going to be a last minute deal before these things actually close. >>> scott miller is a pilot, he trains his students how to use the radios in the airplane to maintain proper spacing for take offs but says traffic controllers will be missed. >> being able to call traffic controller and help us locate other traffic we'll have to do those tasks ourselves. one experienced worker at executive was blunt about the anticipated impact. >> initially i think we'll ha
not dangerous. >>> the democrats are calling for almost $1 trillion in tax increases over the next decade. they also want to save social programs that republicans want to eliminate. standing in the way are many many amendments. >> we had about 400 amendments filed. we're not going to do 400 amendments. >>> the senate rejected a proposal by paul ryan. president obama is scheduled to offer his own program in a few weeks. >>> the aviation administration -- there's been no decision yet on the airports near santa rosa, napa, concord, livermore and san carlos. reporter mike lurey reports on a pilot in sacramento who worries about safety. >> i'm hoping that there's going to be a last minute deal before these things actually close. >>> scott miller is a pilot, he trains his students how to use the radios in the airplane to maintain proper spacing for take offs but says traffic controllers will be missed. >> being able to call traffic controller and help us locate other traffic we'll have to do those tasks ourselves. one experienced worker at executive was blunt about the anticipated impact. >> in
by senate democrats raises taxes by $1.5 trillion without saving entitlements. >>> also new this morning, around 4:00 the senate passed its first budget in four years. approving a $3.7 billion spending plan for next year. the 50 to 49 vote ended a grueling all-night debate. no republican voted for the package. it sets up contentious negotiation was the republican-dominated house in april to reconcile two vastly different plans for dealing with the deficit. the senate version calls for spending $100 billion on infrastructure to help create jobs. the house version calls for deep cuts in domestic spending to balance the budget by 2023. >>> the california department of education is expanding its list of recommended reading for kindergarten through twelve grade and it includes newly published works dealing with sexual identity issues. here's abc7 news capital correspondent nannette miranda in sacramento with the story. >>> as summer nears, educators want to keep kids reading. the california department of education just updated its list of more than 7,800 recommended books. meant to prepare st
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